Sunday, September 24, 2023

Elon Musk offers to take over Twitter in takeover attempt

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Tesla CEO Elon Musk makes his “best and last” offer to buy 100 percent of Twitter in an updated 13D filing filed Thursday. He is offering $54.20 per share in cash.

Musk is offering to acquire “all outstanding common stock of the issuer not owned by the reporting person for all cash considerations with the common stock valued at $54.20 per share.” The proposal was delivered in a letter to Twitter on April 13. Musk says Twitter needs to go private to make the changes that need to be made.

“I should reconsider my position as a shareholder,” Musk said if his offer is not accepted.

Twitter shares are up more than 13 percent pre-market on the news. Tesla shares are down 1.5 percent over fears that Twitter’s biggest fan is being distracted by his new pet.

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